FOR TUESDAY: (6/20) Monday was a big surprise with new highs on SP and Tuesday looks higher also. Tuesday is a major Bradley model turn date and it’s coming in as a high and gold is close to key support as is dollar to resistance. Starting to wonder what might happen to create major turns for everything now?
SEPT. E-MINI S & P 500
SWING TRADING RECOMMENDATION: Buy Sept e-mini S & P at 2443 with a 2437.50 stop. Exit 2455.50.
S&P ANALYSIS FOR TUESDAY: (6/20) S &P stopped us out for a 7-point loss and is close to the brick wall at 2451-2 that we had given up on a few weeks back. There’s a key cycle high into late Tuesday that may keep pushing stocks up so we won’t resell and have no risk/reward to be buying. With NQ needing to go to 5820 and patterns there are suggesting a double-top close to 5900. SP could blast higher to 2456. Support overnight at 2442.50. Can’t top-pick new high. Strong recovery in NQ means that someone decided that Amazon was smart in continuing to take over the world with its marketing model.
There is Bradley turn model cycle high due on Tuesday and maybe that is the final one before a push down into June 28. Not sure what news will get this market away from its greedy cycle. As we mentioned, if the market can only congest into the end of the month, we think cycles into July 18 could produce new highs.
OVERALL: We had based our analysis on NQ which fell in 5 waves and recovered in only 3 before starting lower but the failure to break this week’s low sets up congestion as outlined last night. Not wanting to throw in our bearish towel for late June just yet but we will need to see sharp movement lower and we wonder if and when it will come.
(Note: We have stopped hand-holding entries and guiding you too much intraday but our short entries from last night and the morning were in profits for a long time and we assume you know how to manage your profits and stops.)
CYCLES OVERVIEW: Higher June 20; lower June 21; lower into June 24.
